Trend of hydrobenzene shocks in Shandong Province this week (June 8-12)

On June 13, the hydrogenated benzene commodity index was 41.57, unchanged from yesterday, down 59.25% from 102.01 (2014-01-09), the highest point in the cycle, and up 38.61% from 29.99, the lowest point on April 7, 2020. (Note: cycle refers to 2013-12-01 to now).

 

PVA 1788 (PVA BP17)

This week’s crude oil market fell after a shock. On Wednesday and Thursday, it rose slightly and then fell rapidly. As of June 11, the price of WTI crude oil futures market in the U.S. fell sharply. The settlement price of major contracts was 36.34 U.S. dollars / barrel, down 3.26 U.S. dollars or 8.23%. Brent crude oil futures market prices fell sharply, the settlement price of main contracts was 38.55 US dollars / barrel or 7.62%, mainly due to the restart of epidemic demand concerns and the record high of crude oil storage in the United States. On Thursday, U.S. stocks and commodity futures market represented by crude oil generally fell, market concerns dominated, and risk assets were sold again.

 

Summary of Sinopec pure benzene price adjustment in June 2020

 

Price adjustment amount after date increase unit: yuan / ton

June 5 3600 100 ↑ yuan / ton

June 10 3700 100 ↑ yuan / ton

As of June 12, 2020, Sinopec has raised the price of pure benzene for two times, with a cumulative increase of 200 yuan / ton. This week, Sinopec has raised the price once, with an increase of 100 yuan / ton. After the adjustment, it will implement 3700 yuan / ton.

 

Price changes of hydrogenated benzene in main domestic markets from June 8 to 12

 

Regional 8-day price 10-day price 12-day price weekly fluctuation unit: yuan / ton

East China 3650-3700 3700-3800 3700-3800 75 yuan / ton

Shandong 3650-3700 3650-3750 3650-37000 yuan / ton

 

PVA

Affected by the trend of crude oil shocks, Sinopec raised the price of pure benzene by 100 yuan / ton on the 10th, and the price of pure benzene rose significantly on the outer market. On the 11th, the price of crude benzene rose by 200 yuan / ton in a new round of bidding, and the price of Shandong Province was about 3100 yuan / ton, which brought peripheral benefits to the hydrogenated benzene market. The market price of hydrogenated benzene rose by about 50 yuan / ton. Later, affected by the decline of crude oil and the drop of pure benzene shocks, China The market price of internal hydrocracking benzene was back to the level at the beginning of the week.

 

The operating rate of downstream styrene and phenol enterprises fell slightly this week. Affected by the sharp drop in crude oil, the market price of some products fell, and the market support for hydrogenated benzene was insufficient. As of Friday, the comprehensive operating rate of hydrobenzene enterprises is less than 60%, slightly higher than that of the earlier stage, which is at a higher level in 2020. Overall, the supply and demand are relatively balanced. However, with the decline of crude oil price and the tightening of downstream profits, the support of hydrobenzene by the demand side is limited.

 

In the aftermarket, the business community believed that with the weakening of the pure benzene market, the downstream support was limited, although the hydrogenation benzene enterprises suck up temporarily under the support of cost pressure, but with the increase in the negative impact of fundamentals and the lack of downstream demand, the market for hydrogen benzene market will have a larger lead time.

POLYVINYL ALCOHOL